A consortium comprising Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG has agreed to acquire Reden Solar. Reden Solar is being purchased from InfraVia Capital Partners and Eurazeo for €2.5 billion. With a 762 MW active portfolio and a 15 GW development pipeline, Reden Solar develops, finances, builds, and runs solar power projects in Europe and Latin America.
Macquarie Asset Management will acquire a stake in Reden Solar on behalf of institutional investors through the Macquarie Global Infrastructure Fund and the Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). Reden Solar is MGREF2’s fourth investment. The fund recently completed the acquisition of Apex Energies Group in France. The transaction is expected to close in the third quarter of 2022. Reden Solar, headquartered in Toulouse, has established presence in France and Spain as core markets, and has lately expanded into Greece and Italy.
In December 2021, Shell New Energies purchased Savion, a utility-scale solar and energy storage developer in the United States, from Macquarie’s Green Investment Group for a 100 per cent interest. With over 100 projects in construction in 26 states, Savion has a pipeline of more than 18 GW of solar and energy storage projects. The acquisition was completed on December 17, 2021.
REGlobal’s Views: M&A activity continues to be a significant contributor to renewable energy financing as quality renewable energy assets fetch good value in the market and there are interested buyers with deep pockets that want to expand their portfolios quickly.